China to update AML rules with a focus on crypto transactions

Lotte World Unveils Theme Park Maps in Metaverse Platform The SandboxLotte World, one of South Korea’s major theme parks, announced Wednesday (local time) that it is making its debut on the global metaverse platform The Sandbox, on which it will unveil a virtual map that mirrors the offline theme park experience with quests and missions.Photo by Shuto Araki on UnsplashImmersive virtual adventuresThe map portrays a fantastical concept with two realms — Lotte World Station and Fairy Tale World. Lotte World Station is a map of a train station modeled after the theme park that serves as both the starting point for all journeys through the metaverse and as a gateway to other maps. Users can explore the map and learn about the various virtual adventures awaiting them. The map also offers information about Lotte World’s five businesses, including Lotte World Adventure, Lotte Water Park, Seoul Sky, and more.Users can even enjoy attractions such as Lotte World Adventure’s Balloon Ride and World Monorail, as well as Seoul Sky’s Sky Bridge and the Water Park’s Tornado Water Slide.On the other hand, Fairy Tale World is a kingdom-themed map where Lorry and Lotty — Lotte World’s famous mascots — reside as queen and knight. Users can access this map by riding the World Monorail from Lotte World Station. They can then embark on quests to save the cursed Fairy Tale World and enjoy rides such as Gyro Drop, Fantasy Dream, Bumper Cars, and Merry-Go-Round.Furthermore, the virtual map features Lotte World Adventure’s iconic landmark, Magic Castle, and Lotte World Adventure Busan’s Talking Tree, where parades will also be held.Special eventThe theme park is also holding an opening event in celebration of the map’s launch. Users who complete quests within Lotte World Station and Fairy Tale World by November 8 will receive rewards. Furthermore, those who possess items that they collected from the Lotte World Adventure game that was released in July will receive additional rewards.“We plan to release three more maps in the future to further diversify our metaverse content. We are committed to showcasing unique content that Lotte World alone can provide, transcending the boundaries of online and offline experiences,” the theme park said.

Coinone, one of the five fiat-to-crypto trading platforms in South Korea, unveiled an upgraded version of its mobile app charts for a better user experience. According to local news source Bizwatch, the update introduces an array of indicators at the bottom of the charts to facilitate more comprehensive analysis. Additionally, the app now includes three new chart features: a display of best orders, the capability to see price alert lines and access to a 90-day transaction history. Since last year, Coinone has rolled out 20 updates aimed at enhancing the trading experience and bolstering security for its users. This year also saw several new features. Among these are the integration of TradingView charts and the addition of share buttons for announcements. Additionally, Coinone recently started providing the functionality to print statements for crypto accounts.Photo by Kanchanara on UnsplashHiring more developersThese enhancements are part of Coinone's continuous efforts to elevate customer satisfaction and refine its services. Despite the downturn that the cryptocurrency industry faced last year, Coinone took a noteworthy step by bringing on board 20 new developers this year. This move underscores Coinone's proactive stance in improving its platform and offerings amidst challenging market conditions. Coinone's focus on meeting customer demands has led to a notable reduction in inquiries. Last year, the exchange reported that its efforts to enhance customer service resulted in a decrease of more than 45% in the number of customer inquiries. Compliance amid changing regulatory environmentMarking its 10th anniversary last month, Coinone has set its sights on emphasizing investor protection and regulatory compliance in anticipation of the upcoming implementation of the Virtual Asset User Protection Act, which is slated to take effect in July.  Cha Myung-hun, the CEO of Coinone, commented on the recent updates, noting that the surge in public interest towards virtual asset investment has prompted the decade-old exchange to enhance its chart functionalities, specifically catering to novice investors. 

Korea’s FSS Seeks to Protect Investors from Crypto Exploit LossesLee Bokhyun, Governor of the Korean Financial Supervisory Service, said the agency will seek to protect investors from losses resulting from cryptocurrency exchange exploits, according to Korean newspaper Donga Ilbo.©Pexels/RODNAE ProductionsEfforts to enact legislationWhile delivering a congratulatory speech at a forum co-hosted by Donga Ilbo and its subsidiary broadcasting company Channel A on Wednesday, Lee underlined that the agency will be committed to enacting legislation that obligates crypto exchanges to be held accountable for customer asset losses caused by hacks.He explained that amidst a continued crypto winter triggered by multiple failures, such as the collapse of the stablecoin Terra last year, cases of security vulnerabilities are subsequently occurring.Cold wallet requirementsIn response to this situation, financial authorities and the National Assembly are collaborating on legislation that would require crypto exchanges to store a portion of their custody assets in cold wallets, which are disconnected from the Internet, or face liability for damages resulting from hacks.A February report from blockchain data platform Chainalysis showed that losses to crypto hacks last year amounted to $3.8 billion. Earlier this month, Korean crypto exchange GDAC suffered an exploit of 20 billion KRW (~$15 million).Lee said the agency will work with the financial industry to bolster the fraud detection system and build an immediate response system that prevents uncanny transactions when abnormalities are detected. These efforts are to curb the rise in financial crimes, which followed the growing popularity of remote banking services.Experts’ inputsAt the event held to discuss the protection of consumer information in the digital age, senior researcher Kim Gap-rae at Korea Capital Market Institute said that a law should be introduced to penalize unfair practices, such as market manipulation and use of undisclosed information, in the virtual asset market.Lee Joo-hwan, head of the information security management division at Hana Bank, suggested the approach used in the US, which is recovering ill-gotten gains from financial crimes to compensate victims.Kang Byung-hoon, a professor who teaches cyber security at KAIST, anticipated that the financial industry would accelerate the adoption of confidential computing, a highly secure system, to which even administrators have limited access.